Credit repair can certainly be a time-consuming process, especially if a step-by-step plan is not formulated initially. The best practice is to acquire each of the three credit reports from the reporting bureaus and scrutinize every detail line-by-line. Construct an overview by order of importance, itemizing each incorrect piece of information, and begin to build an organized plan of attack. Once the most invalid examples are cataloged, then begins the real work. Disputing these mistakes takes patience and determination, but there are certain procedures that are best focused on in order not to stalemate the repair efforts before the process can begin to show results.
Bad Credit Repair Process
File the disputes with the credit bureaus first – This is critical for a number of reasons. Up to twenty percent of all disputed items in the first round of correspondence will be eliminated. Concentrate on the less serious factors first, then the more important factors later. There are also legal issues that involve a consumer’s need to dispute false information with the bureaus first, before legal action can be taken against the companies reporting false information illegally.
Document all credit repair activity – Keep detailed records of all correspondence –dates, letters sent and received, and phone calls. Copy everything. All documents regarding the disputes must be sent by certified mail with a return receipts requested. This is vital when corresponding with the credit bureaus. They have thirty days to respond from the date of receipt, otherwise the disputed item must be removed from the report.
Never dispute the issues on-line – There will be no written documentation of the dispute process. On-line disputes will be regulated to a specific coding for off-shore computer analysis. Specific details will not be addressed, such as incorrect balances, account opening dates, incorrect social security numbers, addresses, and so on.
Be realistic, resolved, and reasonable – This is not a quick process. It takes time, patience, diligence, attention to detail, good focus, and some hard work to fix bad credit. If there are complex issues like bankruptcies, tax liens, or judgments, prepare for a long and drawn out battle.